A Virtual Payment Address (VPA) is a unique identifier that you set and link to your bank account. (Example: yourname@axisbank ). Once linked, just quote your VPA instead of account number and IFSC to make or receive payments. Unified Payments Interface (UPI) is payment system by NPCI that allows transfer of funds between accounts in convenient manner.

How Axis Pay UPI App is Working

To send money to someone, you need to know only their UPI ID – a virtual identity like an email address. This could be your name, or your phone number, so for example, if your phone number is 1234567890, then your virtual address could be 1234567890@axisbank (if your bank is Axis Bank) or 1234567890@sbi (if you’re an State bank of India customer), and so on.

By Using UPI app not need of knowing the recipient’s name, their bank account number, and IFSC code (or bank branch).

UPI is built on top of the IMPS, which you may have used to transfer money between bank account. Like IMPS, UPI is immediate, and works 24×7, through the year, unlike NEFT or RTGS services, which have specific working hours.

The UPI can also be used for shopping online – instead of entering your debit card number, expiry date, and CVV code, followed by waiting for the OTP, you’d just enter your UPI ID, and get an alert on your phone to verify the transaction.

Features of Axis Pay UPI App

Axis Bank or Non Axis Bank customers can send money or ask for money using the Axis Pay app, without knowing their bank account details

Transfer funds to a Virtual Payment Address(VPA) or to an Account Number

Add beneficiary instantly by just using Virtual Payment Address (VPA). No need to remember or enter the bank account number and IFSC

Check balance of linked bank accounts

Fund transfers are instant, 24*7, 365 days and absolutely free of cost and take place in a completely safe and secure way

Following are the transaction sets supported

User profile registration

Bank accounts creation

Payment address creation

Authentication

Authorization

MPIN generation

What are the requirements for using UPI?

You should have following:

An android phone with internet service

An operative bank account in any Bank

The mobile number being registered with UPI, must be linked to the bank account.